Just starting out in your Forex trading journey? Then our beginner articles are just for you.
Do you already have a good understanding of the market? Check out our Advanced articles for more.
As a trader, there aren’t going to be too many things you have in common with other traders because everyone is different right? Trading is one of the few things in this world that rewards using the ideologies of others.
It is of the utmost importance that you know how to mark up zones in the Forex market. When you can mark these zones correctly, you are able to see why price reacts a certain way around a zone, whether that be support or resistance.
And no, not in that way either! A lot of people reading this have probably already blown an account. Some of you haven’t and still need to be deflowered, and that’s okay. Whatever your situation is, you are welcome here.
Newbie trader, this one is for you and maybe a couple of traders who still aren’t too sure of their trading skills or whether or not their strategy still works!
Here is one thing we should always remember about the Forex markets – the Forex markets are a game of probabilities and as much as we want to win every single trade, unfortunately, it is merely impossible. IMPOSSIBLE!
Often as a Forex trader, the first thing you want to do is just make money without really looking at the reasons why you may not be making money, or rather the reasons for losing trades.
Now, don’t get me wrong it is vital to focus your attention on having great winners, but it is equally important to focus on the small losses…
In this game, it’s important not to have eyes bigger than your stomach. Don’t take on risk you can’t stomach. I heard of a trader called Jason Leavitt on a “Chat with Traders” podcast some years back who said at the beginning of his trading career he could’ve been trading $50,000 account and have one trade floating an $8000 loss without phasing him.
Reversals refer to a change of direction in a market. If the market is in an uptrend then a reversal would lead to a price decline, if the market is in a downtrend then a reversal will lead to a price increase.
As traders, we face many battles on a daily basis and some of the battles we face are unseen, meaning they are psychological. Looking back on my own trading journey, I have come to realize that the battles I’ve faced are psychological but also physical!
Trading, like anything in life, needs practice if you want to become good at it. Luckily, with modern technology, there are ways to practice without spending any real money. Without the added risk, trading a demo can help traders hone their skills and become better by first losing fake money and not real money.
Do you remember the housing market crash in 2007 and the financial crisis that followed in 2008?? Like myself, you may have been too young to understand what was going on.
BUT those who worked for Lehman Brothers, and other major banks, will never forget it.
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